KuCoin Labs, the company behind the world’s sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto assets listed, announced on Wednesday that it would be launching a $100-million metaverse fund for early-stage projects. The money is to be also available for entities that develop blockchain-based games, nonfungible tokens (NFT) and decentralized applications. In addition, KuCoin will also provide business incubation services, branding, incentives and business partnerships for developers selected into the fund.
Johnny Lyu, CEO of KuCoin, said the following in a prepared statement obtained by Cointelegraph:
Lou Yu, the head of KuCoin Labs, added:
The concept of a metaverse, or augmented virtual reality with its own digital economy, has been gaining traction ever since Facebook rebranded itself as Meta last month to focus on its development. Shortly afterward, Microsoft ventured into the metaverse with Team updates and Xbox upgrades. Then, Animoca Brands unveiled its plans for a K-pop NFT metaverse. As more global brands move in, the total addressable market of the metaverse is projected to have grown to over $1.5 trillion by the end of 2030. Meanwhile, debates are ongoing as to whether or not the metaverse should be centralized.